Digital and is open and available. Banks, tax, judicial

Digital economy means economic activity based on digital technologies. It does not
concern development and sale of software as much as electronic goods and services
produced by electronic business and electronic commerce.
Back in 2012 Boston Consulting Group assessed the today’s potential of the Internet
economy at the level of 4.2 trillion US dollars in the G20 countries – the most
developed world economies. In 2015 the ACCENTURE and OXFORD ECONOMICS
researches jointly concluded that the digital economy contribution into the world
gross domestic product would already amount to 1.36 trillion US dollars by 2020.
As Internet purchases are becoming a part of everyday life for a growing number of
people, the Internet economy is growing. And as new digital goods and services
appear every day, an additional impulse for development is given to the digital
economy. Thus, today the digital economy sector is the main factor of the world
economy growth in general.
The rapid growth of the Internet economy sector caused growing demand for online
payments. Cryptocurrencies – the most advanced and promising method of online
settlements between market participants – become increasingly important in
meeting the requirements of the Internet economy in financial mutual settlements
today.
Cryptocurrency means digital monetary units being subject to decentralized
registration. The information on transactions is not usually enciphered and is open
and available. Banks, tax, judicial and other state or private authorities cannot
influence transactions of any participants of the payment system. The
cryptocurrency transfer is irreversible: nobody can cancel, block, dispute or carry
out a transaction forcibly (without a private key). However, transaction parties can
temporarily mutually block their cryptocurrencies as a security on voluntarily basis
or determine that for the transaction completion/cancellation the parties’ consent is
required. Upon generation the cryptocurrencies are obtained by the persons who
have met the agreed conditions (mining, forging).

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